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An NPS calculator is useful to determine your assured returns to help you plan investment.
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The NPS (National Pension Scheme) calculator is an online digital tool to compute how much to invest in this scheme and know returns you will get from your investment. It enables you to plan your future finances in terms of your investment in a pension fund. Figures that you obtain may not be precise, but you get a good idea of how much to invest, and plan your financial future accordingly.
Any individual who has reached 18 years of age and has not yet reached the age of 60 is eligible to apply for the national pension scheme. Consequently, people within this age category can use it to find out how much they can invest for their future corpus.
There are crucial ways in which an NPS calculator may help you:
You can use the NPS calculator by following the key steps appearing below:
The advantages of NPS calculator use are the following:
The interest rate of the National Pension Scheme, presently, stands at a range from 9% to 12% (as of February 2020). This is based on the details of the subscriber and the scheme.
For Tier I NPS subscribers, the minimum amount of contribution is Rs.500 at a single time, and Rs. 1,000 in any financial year. For Tier II subscribers of the same scheme, it is Rs. 250 at a single time with no minimum balance requirement.
According to the Section 80 CCD (1) of the Indian Income Tax Act, people subscribing to the NPS, or National Pension Scheme, are eligible for benefits with regard to tax. This amount goes to 10% of the subscriber’s gross income up to Rs. 1.50 lakh. Additionally, Tier 1 subscribers of NPS can avail more tax benefits within Section 80 CCD (1B). These benefits include deductions that go to Rs. 50, 000 in investments under NPS
There is no maximum contribution that must be made in a year.
In case this occurs, the legal heir or the nominee of the NPS subscriber gets 100% of the collected corpus. Furthermore, there will not be a purchase of any monthly or annuity pension.
The number of nominations that can be made in an NPS account is a maximum of 3.
When the subscriber reaches 60 years of age, 60% of the total amount in the NPS account is the maximum that is allowed for withdrawal. However, an investor can choose to be invested in the account till 70 years of age. The 40% remaining in the account is annuitized at the close of the year of contribution. An option to annuitize the full corpus can also be exercised.
There is a minimum amount of contributions that should be made in a year, and this amounts to one contribution.